Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-13-2008, 01:52 PM
Junior Member
 
Join Date: Feb 2008
Location: mead
Posts: 1
I did not get a 1099

I made $455.00 as an independent contractor from a business. I did not get a 1099 since it was under $600. Do I have to claim it as income still?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-14-2008, 11:59 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
Do you have to report Income even if you did not get a 1099-Misc?

Yes, the IRS requires that you report the 1099-Misc even if it was less than $600 and you did not get a 1099-Misc.

The income earned from whatever sources is reportable income and failure to report this income would subject you to the various penalties and interest that are applicable to omission of income.

So, I would recommend that you report this income as miscellaneous income subject to S/E tax.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning